CDL shares surge 11.2% on strong H1 earnings, doubling of interim dividend

[SINGAPORE] Shares of property developer City Developments Ltd (CDL) jumped as much as 11.2 per cent or S$0.88 to S$8.74 at the opening bell on Thursday (Aug 13).

The group announced pre-trading that its results for the first half of the year ended Jun 30 trebled to S$301.6 million, from S$91.2 million in the year-ago period.

By 9.55 am, CDL shares were trading at S$8.51, still S$0.65 or 8.3 per cent up, after almost 3.9 million shares worth around S$32.8 million changed hands.

The jump in net profit was driven by robust performance in its property development segment, notably full revenue and profit recognition from Lumina Grand, a 512-unit executive condominium in Bukit Batok, which obtained its temporary occupation permit in April.

In addition to Lumina Grand, top-line performance was bolstered by maiden contributions from Newport Residences – which was launched in January and is 83 per cent sold – along with higher contributions from projects such as Norwood Grand and Union Square Residences.

In total, CDL and its joint venture associates sold 352 residential units in Singapore worth S$892.2 million in H1 2026.

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CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend

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Revenue for the six months grew 61.1 per cent to S$2.72 billion, from S$1.69 billion in H1 FY2025.

The board declared a tax-exempt one-tier interim dividend of S$0.06 a share, double the S$0.03 a share declared in H1 FY2025.

Basic earnings per share rose to S$0.333, compared with S$0.097 a year earlier.